LVMH’s wine, champagne and handbags still can’t win back budget-tight Chinese consumers rationing their luxury purchases

people taking the escalator in front of a Dior store in a mall (Credit: Lauren DeCicca—Getty Images)

Luxury companies have not had it easy in recent years.

First came the pandemic, then an affordability crisis driven by high interest rates, and now, sluggish demand from Chinese shoppers has depressed business for several luxury players.